Monero (XMR) Daily Price Forecast – June 5

XMR/USD Medium-term Trend: Bearish

Supply zones: $180.00, $190.00, $200.00

Demand zones: $150.00, $140.00, $130.00

Monero continues its bearish trend in the medium-term outlook. The bears are fully in control of the pair as their strong pressure led to the close of yesterday daily candle below the 10-day EMA. The bulls activities at $156.70 demand area were brief as they only managed to push price to $162.40 area before the bears set in again and pushed price down to $156.90 demand area. The two EMA are fanned apart which means strength in the context of the trend and in this case the downtrend. Daily candle opened at $161.02 as against yesterday candle that opened at $170.99.This shows that more sellers are in the current market to push price further down. As the bears increase their presence and pressure we may see a retest of the demand area at $152.20 in the medium-term.

XMR/USD Short-term Trend: Bearish

The bears are still in control of the short-term outlook of the pair. The crossover of the two EMAs shows strong bearish pressure and a rejection to the upward moves by the bulls especially at the 10-day EMA. The Stochastic oscillator is in the oversold region and it signals points down this connotes downward momentum. It therefore means that the bears pressure may increase and price will go further south.

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Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.